Quantum Announces Additional Rare Earth Element Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2011) - Quantum Rare Earth Developments Corp. (TSX VENTURE:QRE)(OTCQX:QREDF)(FRANKFURT:BR3) ("Quantum", the "Company") is pleased to announce additional results of its 2010 re-sampling program of historic core from the Elk Creek Project, located in southeastern Nebraska, USA. As previously announced (December 17, 2010), the company performed an extensive (re)sampling program of existing sample pulps and rejects associated with the historic drill programs, which were completed during the 1970's and 1980's by Molycorp Inc.

The company is in receipt of results for the remainder of 9 drill holes known to contain significant Rare Earth Element (REE) mineralization at the Elk Creek Project. These results are in addition to the results of the March 07, 2010 news release which reported:

The additional results of the recent (re)sampling program to date are as follows:

Western REE Anomaly

Drill hole EC-4: 15.2 metres of 1.14% TREO,

Drill hole EC-41: 112.8 metres of 1.13% TREO,

Including 18.3 m of 2.61% TREO

The "Western Anomaly" is located approximately 1,000 metres northwest of the central niobium deposit. EC-55, along with EC-4 and EC-41 encountered significant REE mineralization during the wide-spaced regional drilling campaign conducted by Molycorp Inc. Drill hole EC-41 was collared approximately 400 metres to the northeast of EC-4, and EC-55 was collared approximately 470 metres to the southeast of EC-4.

EC-4 is a vertical drill hole that was drilled to a depth of 809 metres. EC-41 was drilled at a -70° inclination at a direction of S58° W to a depth of 614 metres.

Central REE Anomaly

Drill hole EC-17: 64.0 metres of 1.19% TREO,

Including 24.4 m of 1.97% TREO

Drill hole EC-19: 50.3 metres of 1.09% TREO,

Drill hole EC-21: 21.0 metres of 1.60% TREO,

Drill hole EC-48: 67.1 metres of 1.26% TREO,

Including 15.2 m of 2.18% TREO

The "Central REE Anomaly" is located directly adjacent, and up to 1,600 metres northeast of the central niobium deposit. Drill holes EC-19 and EC-21 are directly adjacent to the recently announced niobium resource. The nearest drill hole to the east is EC-48, collared approximately 660 m away. The next nearest drill hole to the east-northeast is EC-17 which was collared approximately 1,600 m away.

EC-17 is a vertical drill hole that was drilled to a depth of 613 metres. EC-19 is a vertical drill hole that was drilled to a depth of 664 metres. EC-21 was drilled at a -60° inclination at a direction of N50° W to a depth of 644 metres. EC-48 was drilled at a -60° inclination at a direction of N60° W to a depth of 744 metres.

Eastern REE Anomaly

Drill hole EC-43: 134.1 metres of 1.22% TREO,

Including 22.9 m of 2.35% TREO,

Including 6.1 m of 5.07% TREO

The "Eastern REE Anomaly" is located approximately 2,800 metres to the southeast of the central niobium deposit. EC-43 is located approximately 800 metres to the southeast of drill hole EC-93 (155.5 m of 2.70% TREO, including 54.9 m of 3.30% TREO).

EC-43 is a vertical drill hole that was drilled to a depth of 458 metres

*A rigorous quality assurance and quality control protocol was established for the sampling program; and included the routine insertion of field duplicates, laboratory pulp duplicates, blanks and certified reference standards. Samples were shipped to the ALS Chemex facility in Reno, NV and prepared for analysis at the ALS Chemex testing facility in North Vancouver. The Rare Earth Elements were analyzed by the lithium borate fusion and ICP-MS package.

**Historic drill holes were analyzed for only three of the rare earth elements: La2O3, C32O3 and Nd2O3.

Peter Dickie, President and CEO of Quantum Rare Earths Developments Corp., comments, "These additional Rare Earth Element results are an example of the wide-spread nature of the mineralization within the carbonatite complex. It also substantiates the need to follow up these anomalous zones with additional drilling with the intent of defining a resource of Rare Earth Elements."

The Elk Creek Carbonatite is an intrusive complex of carbonatite and related rocks, and is host to significant niobium and rare earth element (REE) mineralization. The company has recently announced the estimate of an Inferred Resource of 83.4 Mt at 0.62 Nb2O5%, at a 0.4% Nb2O5 cut-off grade for the central niobium deposit based on historic drilling and the recent re-sampling of pulverized material (see news release March 15, 2011).

Qualified Persons: Mr. Neil McCallum, P.Geol. is the qualified persons responsible for the Elk Creek Carbonatite Project and has read and approved the technical disclosure contained in this news release.

On Behalf of the Board,

Peter Dickie, President, CEO

Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has filed a National Instrument 43-101 report on the Archie Lake property, and intends to file additional NI 43-101 reports on additional properties as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."